Repsol to Open Wallet for $6B Investment in Peru

Repsol's President, Antonio Brufau, said Tuesday after a meeting with Peruvian President Alan Garcia, that the Spanish oil company will raise its investment in Peru nearly threefold to $6 billion.

Citing Peru's state news agency Andina, Dow Jones reported that Repsol plans to invest $500 million per year in Peru, which is the third brightest spot on the company's investment map following Spain and Argentina.

Along with assets in Peru's northern and southern jungle, Repsol is also involved in Hunt Oil's Peru LNG project, which will export liquified natural gas from the Camisea fields.

According to Dow Jones, Peru produced nearly 44 million barrels of liquid hydrocarbons in 2008.